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Disclaimer: # The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. All plans listed here are of insurance companies’ funds.

State Bank of India NRO Account

The State Bank of India (SBI) NRO account is an ideal solution for Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) to manage their India-based earnings conveniently. Whether it’s rental income, dividends, or pensions, the NRO account allows individuals to deposit and manage these funds in Indian Rupees.

Plans starting from ₹1000/month

Best Investment Plans^˜

Invest 18k/month & get 2 Crore^# Tax-Free^*
Manage your funds online60k + happy customers across 25+ countries
Compare & Choose 30+ Plans and 150+ Fund options

What is an NRO Account?

A Non-Resident Ordinary (NRO) account is designed for Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), or Overseas Citizens of India (OCIs) to manage income earned in India, such as rent, dividends, or pension, in Indian Rupees.

Features of SBI NRO Account

Below are the features of the SBI NRO account:

Account Types:Savings, Current, Term Deposits, Special Term Deposits, Recurring Deposits.
Banking Convenience:SMS alerts, Multi-City Chequebook, Internet banking, and Domestic Debit Card.
Joint Account:Can be opened individually or jointly with NRIs/PIOs/OCIs or resident relatives under a "Former or Survivor" basis.
Income Management:Suitable for parking India-based income in Rupees.
Taxation:Interest income is taxed at 30.90% unless a Double Taxation Avoidance Agreement (DTAA) is applicable.

Eligibility of SBI NRO Account

Below is the eligibility criteria for an SBI NRO account:

NRIs, PIOs, and OCIs can open an NRO account.
Joint accounts with resident relatives are allowed under specific conditions.

Permissible Credits of SBI NRO Account

Transfers from NRE, FCNR (B), or other NRO accounts (for legitimate dues).
Fresh remittances from abroad.
Interest, dividends, and investment maturity proceeds on a non-repatriable basis.
Personal cheques from foreign accounts and foreign currency notes (subject to declaration limits).

Types of SBI NRO Account

Savings/Current Account:
- Rupee-denominated accounts with nomination facilities.
- Savings accounts earn quarterly interest; Current accounts do not.
Term Deposits (TDR):
- Fixed tenure deposits with quarterly interest payouts.
- Loans/overdrafts are available.
Special Term Deposits (STDR):
- Interest is compounded quarterly and paid on maturity.
- Loans/overdrafts can be availed.
Recurring Deposits (RD): Designed for goal-based savings with monthly instalments starting at ₹100.

Terms & Conditions Under SBI NRO Account

Premature withdrawal penalties vary based on deposit amount.
Tax deduction on interest income depends on applicable laws or DTAA provisions.
Maximum repatriation of $1 million per financial year, net of taxes, is allowed.

Loans Against SBI NRO Deposits

Loans up to 90% of deposit value are available for financial needs, business activities, or real estate investment in India.
Offered as overdrafts or demand loans with interest rates 1% above the deposit rate.

Funds Transfer From SBI NRO To Overseas Account

Repatriation up to $1 million annually is permitted for genuine purposes, subject to document submission.
Transfers to NRE/FCNR(B) accounts are allowed under similar conditions.

Procedure To Open SBI NRO Account

Online Application: Fill out the account opening form on the SBI website.
Download Form: Submit the completed form with the required KYC documents to your SBI branch in India.
Branch Visit: Visit any SBI branch (domestic or overseas) with necessary documents.

Joint Account Of Non-Residents With Residents Under SBI NRO Account

Permissible with close relatives like parents, siblings, spouse, or children.
Operated on a "Former or Survivor" basis.

Conclusion

SBI NRO accounts provide a clear and convenient platform for NRIs, PIOs, and OCIs to handle their income in India effectively. With flexible account types, attractive deposit options, and facilities for fund repatriation, these accounts cater to diverse financial needs while adhering to tax and compliance norms. By choosing SBI, customers benefit from India's trusted banking network and innovative services, ensuring a smooth financial experience.

FAQ's

What is an NRO account, and why do I need one?

An NRO (Non-Resident Ordinary) account is for NRIs, PIOs, and OCIs to manage income earned in India, such as rent, dividends, or pensions, in Indian Rupees. It allows compliance with Indian regulations while providing convenient banking services.
Can I open an SBI NRO account jointly with a resident Indian?

Yes, you can open an NRO account jointly with a resident Indian relative on a "Former or Survivor" basis.
What are the tax implications for interest earned on an SBI NRO account?

Interest income from NRO accounts is taxed at 30.90%. However, if the account holder resides in a country with a Double Taxation Avoidance Agreement (DTAA) with India, reduced tax rates may apply as per the agreement.
What types of accounts are offered under the SBI NRO category?

SBI offers Savings, Current, Term Deposits (TDR), Special Term Deposits (STDR), and Recurring Deposits (RD) under the NRO category.
Can I transfer funds from my NRO account to my overseas account?

Yes, repatriation up to $1 million (or equivalent) per financial year is permitted, subject to applicable taxes and documentation requirements.
Can I avail of loans against my SBI NRO deposits?

Yes, you can take loans up to 90% of the deposit value for business, personal needs, or property purchases in India. The loan is available as an overdraft or demand loan.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*Past 10 Year annualised returns as on 01-03-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).